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Thursday, February 16, 2023
HomeCryptoWhy Is Tennessee Looking For A Crypto Custody Service Provider? By Benzinga

Why Is Tennessee Looking For A Crypto Custody Service Provider? By Benzinga


© Reuters. Why Is Tennessee Looking For A Crypto Custody Service Provider?

The Tennessee Department of Treasury is in search of distributors who can handle cryptocurrency on their behalf.

In a request for proposals (RFP) letter, the division stated that Tennessee doesn’t possess cryptocurrencies at current, however is working to soundly maintain digital property within the close to future.

The division will first make sure the crypto custody service supplier can present companies with one hundred pc security.

The motive for the RFP is to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program.” The program has over $1.2 billion in property and works to reunite homeowners with their funds.

Also Read: Mayor Wants His City To Accept For Property Tax Payments

The treasury division has talked about that potential suppliers are requested to supply a value construction primarily based on the corporate’s capability to deal with month-to-month cryptocurrency buying and selling volumes of $500,000 and 50 Bitcoin (CRYPTO: BTC) transfers or withdrawals from an change account every month. The division provides that the cryptocurrencies would come with, however wouldn’t be restricted to, Bitcoin.

Companies will even be required to supply details about the totally different applied sciences used and the method by which they supply companies.

Earlier in February, A invoice was launched by State Rep. Jason Powell (D-Nashville) that may permit Tennessee and counties and municipalities within the state to put money into cryptocurrencies and NFTs.

© 2022 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.

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